This paper focuses on S.A. Loyd's positive account of Hobbes's moral theory as presented in chapters 5 and 6 of her new book. My discussion challenges Lloyd's reciprocity interpretation of Hobbes's moral theory. In the paper I also take issue with Lloyd's account of the derivation of his moral theory and her account of moral obligation. I offer my own definitional reading of the derivation of the Laws of Nature and my own analysis of how Hobbes explains obligation in terms of assent.